Ballard Power price target lowered to $3 from $3.25 at BMO Capital

BMO Capital lowered the firm’s price target on Ballard Power to $3 from $3.25 and keeps an Underperform rating on the shares. The company’s Q4 results continued to build on the positive momentum that Ballard Power saw during Q3 with respect to revenue, gross margins and cash management, the analyst tells investors in a research note. BMO adds however that it was disappointed to see a consecutive sequential decline in both the company’s 12-month order book, down 8%, and total backlog, down 3%, during Q4.